MILWAUKEE (WTAQ) - After losing money for three years, a Milwaukee mortgage insurer made an unexpected profit for the second quarter in a row.
MGIC Investment Corporation Wednesday announced a net income of just over $12 million from July through September. That comes out to around four cents a share, after Wall Street analysts predicted a loss of 13 cents for the past quarter.
MGIC lost $247 million in the same quarter of 2012, or $1.22 per share. Three months ago, MGIC reported its first quarterly profit in three years.
The company provides insurance to mortgage lenders -- and the Great Recession forced MGIC to pay huge numbers of claims for houses that went into foreclosure.
CEO Curt Culver says the improving economy has been a huge help to his firm.
MGIC still lost money for the first nine months of 2013. The loss totaled around $48 million -- much smaller than the $540 million loss MGIC had in January through September of last year.